Business

Market Movers

Deere tops expectations for third quarter

Deere’s equipment sales rose 4 percent last quarter.

Rick Wilking/Reuters

Deere’s equipment sales rose 4 percent last quarter.

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Deere & Co.’s third-quarter net income rose 27 percent and easily beat most expectations as it benefited from the farm boom in North and South America. But it said fourth-quarter equipment sales would fall 5 percent from a year earlier. The farm and construction equipment manufacturer earned $997 million, or $2.56 per share, well ahead of the $2.17 per share that Wall Street was looking for. Last year Deere booked earnings of $788 million, or $1.98 per share.

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